The best money apps save you both time and cash, the two most valuable things in your life. I'm a strong believer that time is the one thing more valuable than money: once it's gone, you can't earn it back. So when I find a tool that helps me take control of my finances in minutes, I'm thrilled.
A lot of apps that claim they can help actually waste my time and my phone's battery life. When I do come across that perfect tool, I hold onto it. Here are the categories worth a spot on your phone.
Invest your spare change
Here's proof that wise investing doesn't require big bucks: round-up investing apps like Acorns, which round the debit and credit card transactions you make up to the next dollar and invest the change. What I particularly like is that they put your money into select, smart funds; you can pick among diverse portfolios based on your income and net worth, and the app will predict how much you'll rack up over 30 years.
How it helps you save: This is a better, more modern version of throwing your coins into a jar, it's automated and foolproof. You won't miss the few cents each time, and your money will grow faster in basic index funds than it would in a savings account with a paltry interest rate.
Track your spending
There are a lot of apps that will track spending, and the ones I keep coming back to are the ones that are dead simple to use. When you sync your accounts, credit cards, checking, and savings, a good tracker separates each expense into set categories like rent, entertainment, and groceries. If you max out your budget, expect an alert. You'll know when it's time to put the credit card down. (When a favorite app shuts down, as Mint eventually did, plenty of easy-to-use trackers have stepped in to replace it.)
How it helps you save: I think a spending plan should be like an eating plan: You need one you can actually stick to so you don't end up going on a crazy binge later. A tracker lets me set up a sustainable budget that I can tweak to fit my needs each month. If I'm saving for a vacation in December, I'll see where I can cut back on my spending now.
Control your daily budget
Even once you're tracking your essentials, it's often those small purchases you make after paying your bills, like a smoothie at the gym, that throw you off track. The best apps let you know exactly how much nonessential, spendable money you have each day. Your call if you spend it on a pumpkin-spice latte.
How it helps you save: Most budget trackers account for month-to-month bills, loans, and savings goals with some accuracy, but the one-offs (birthday flowers, pet toys) can be tough to watch, and they add up. A daily-spendable view keeps me from overspending when I'm thinking about stuff other than my budget.
Apps are just the training wheels, the framework underneath is what matters. Pair them with the 50/30/20 budgeting rule and start putting the savings to work in your first $100 of investing.